All Forum Posts by: Rod Hanks

Thank you so much! I did actually get an email back from the adjuster today stating that this POL does not limit our ability to obtain additional payouts. He referred me to the following text on the POL: "Nothing has been done by or with the privity or consent of the insured or this affiant, to violate the conditions of the policy, or render it void."

The other relevant statements on the POL are:

"The total amount of insurance upon the property described by this policy was, at the time of the loss $PER SCHEDULE as more particularly specified in the apportionment attached, besides which there was no policy or other contract of insurance, written or oral, valid or invalid." 

"The actual cash value of said property at the time of the loss was $DWELLING COVERAGE POLICY LIMIT"

"The whole loss and damage of covered claim is [left blank]"

"The amount claimed under the above numbered policy is $[Here there is an actual dollar amount, which is equal to our dwelling coverage amount]"

I, of course, do not have whatever schedule or attachments are apparently being submitted with this form, but I assume it is the policy itself. With this verbiage, is there any reason I should be concerned about the ability to collect personal property or loss of income? Or is there any reason to be concerned about being able to claim, as my policy allows, an additional percentage of dwelling coverage if the cost to rebuild exceeds the dwelling coverage amount?

Hi all,

I was wonder if anyone had any good recommendations for home insurance for my first out of state property located in Saint Petersburgs(disston heights/no flood, single family) what type should I be looking for? It’s  foreign to me with DP3 and RCV. Any investors in this area have any advice? How do you set yours up? Thanks 

Hello, 

I am starting a project soon in a small town in IL, and looking for some help on where to buy the insurance that will cover the builders risk as well as the property itself in case of fire or flood. 

I looked on steadily. com as well as spoke to a statefarm agent but i am not getting any clear answer on what will be the right type of insurance.

Should I get the dwelling coverage based on the amount of investment I will do or the rebuild cost? I am not sure if it makes sense to get a coverage for 300k as a rebuild cost when my total investment will only be 80k with an ARV of 120k.

Is there an online portal or an agent I can talk to who has the expertise tpo deal with fix and flip insurance in IL?

Thank you for your time. 

Hey BP community!

I'm in the process of creating an LLC to add it to my duplex (I rent one side and live in the other). I plan on holding this property for a very long time, but I'll most likely move in a year or two to a different state. Which is why I want to leave the two duplex units under an LLC to cover myself.

I have a private loan and they are against of switching the duplex loan, currently under my name to the LLC.

Would I be covered (if something were to happen, accident, sue, etc..) if the duplex rental lease is under the LLC, but not in the deed and the loan? or what would be the best move to do in these future long distance two rentals?

TIA!